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16 Jul 2015
GBP/USD recovers losses, bounces from 23.6% Fib support
FXStreet (Mumbai) - The bid tone on the GBP recovered in the early European session, pushing the GBP/USD spot back above 1.5630 levels.
GBP/USD: Supported by 23.6% Fib support
The spot bounced back from the support at 1.5607, which is the 23.6% fib retracement of Apr-June rally. Earlier today, the pair failed to sustain above 1.5638 (38.2% Fib of June rally), after which the losses were extended to 1.5607. Thus, the pair appears stuck between the said fib retracement levels.
Once again, the recovery in the pair is largely in line with the movement seen in the EUR/USD pair. Given the absence of a major UK data, the pair could continue to mimic the movement in the common currency throughout the European session.
GBP/USD Technical Levels
The immediate support is seen at 1.5607 (23.6% fib R of Apr-June rally), under which the spot could target 1.5550 (50% Fib of June rally). On the other hand, resistance is seen at 1.5638 (38.2% Fib R of June rally) and 1.57 levels.
GBP/USD: Supported by 23.6% Fib support
The spot bounced back from the support at 1.5607, which is the 23.6% fib retracement of Apr-June rally. Earlier today, the pair failed to sustain above 1.5638 (38.2% Fib of June rally), after which the losses were extended to 1.5607. Thus, the pair appears stuck between the said fib retracement levels.
Once again, the recovery in the pair is largely in line with the movement seen in the EUR/USD pair. Given the absence of a major UK data, the pair could continue to mimic the movement in the common currency throughout the European session.
GBP/USD Technical Levels
The immediate support is seen at 1.5607 (23.6% fib R of Apr-June rally), under which the spot could target 1.5550 (50% Fib of June rally). On the other hand, resistance is seen at 1.5638 (38.2% Fib R of June rally) and 1.57 levels.